IRON ORE DAILY: Prices rangebound as yuan strengthens against dollar

Iron ore prices were largely rangebound on Friday January 11 with further pressure applied to the port market due to a stronger exchange rate for China’s yuan against the US dollar.

MB 62% Fe Iron Ore Index: $73.45 per tonne cfr Qingdao, up by $0.09 per tonne. MB 62% Fe Pilbara Blend Fines Index: $73.59 per tonne cfr Qingdao, up by $0.09 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.04 per tonne cfr Qingdao, down by $0.13 per tonne. MB 58% Fe Premium Index: $66.25 per tonne cfr Qingdao, up by $0.24 per tonne. MB 65% Fe Iron Ore Index: $88.20 per tonne cfr Qingdao, up by $0.50 per tonne. MB 62% Fe China Port Price Index: 568 yuan per wet metric tonne (implied 62% Fe China Port Price $74.58 per dry tonne), down by 4 yuan per wet metric tonne. Key drivers The value of the dollar against the yuan continued to fall, to less than 6.80 yuan to $1 on Friday, from around 6.83 yuan to $1 on Thursday and 6.86 yuan to $1 on Wednesday. This led to further concerns that China’s imported...

Published

July Zhang

Alex Theo

January 11, 2019

12:54 GMT

Shanghai, Singapore